Trump Media to Raise $3 Billion for Cryptocurrency Investments
Trump Media & Technology Group (TMTG) plans to raise $3 billion for cryptocurrency investments, including Bitcoin. The funding strategy involves $2 billion from new equity and $1 billion through a convertible bond.
The announcement coincides with a significant crypto event in Las Vegas, attended by notable figures such as Vice President JD Vance and Donald Trump Jr. TMTG has denied the credibility of the sources but did not elaborate further.
Key points include:
- Trump's commitment to positioning the U.S. as a global crypto leader
- TMTG shares closed at $25.72, with a market cap near $6 billion
- Plans to utilize at-the-market pricing for share offerings due to high investor interest
- Trump family ventures include NFT trading cards and investments in American Bitcoin and World Liberty Financial
- Upcoming launch of a crypto-focused exchange-traded fund (ETF)
- Trump transferred his majority stake in TMTG into a trust controlled by Donald Jr.
- Bitcoin recently surpassed $109,000
- ClearStreet and BTIG are set to underwrite TMTG’s fundraising round